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FXpress Supports New Derivatives Disclosures, STP

Upgrade features FAS 161 requirements and SWIFT messaging.

By David Corrado | Updated on November 25, 2008

FXpress Corp. has upgraded its Web-based Software-as-a-Service (SaaS) treasury solution to support the new derivatives disclosure requirements of the Financial Accounting Standards Board (FASB). Financial Accounting Standard (FAS) 161 requires a company to disclose the nature, volume and effect of the derivatives on its balance sheet and earnings statements for fiscal periods that begin after November 2008.

FXpress’ FIRST F8 also adds support for straight-through processing (STP) of financial payments by allowing companies to settle their FX and commodity contracts via SWIFT messages to financial institutions, says Jason Halpern, product manager at FXpress.

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